TRGP vs. AM
TRGP (Targa Resources Corp.) and AM (Antero Midstream Corporation) are both stocks. Both operate in the Oil & Gas Midstream industry within the Energy sector. Over the past 10 years, TRGP returned 25.93%/yr vs 7.20%/yr for AM. A 0.57 correlation means they provide meaningful diversification when combined.
Performance
TRGP vs. AM - Performance Comparison
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Returns By Period
In the year-to-date period, TRGP achieves a 44.60% return, which is significantly higher than AM's 22.62% return. Over the past 10 years, TRGP has outperformed AM with an annualized return of 25.93%, while AM has yielded a comparatively lower 7.20% annualized return.
TRGP
- 1D
- 0.02%
- 1M
- 6.45%
- YTD
- 44.60%
- 6M
- 48.96%
- 1Y
- 61.68%
- 3Y*
- 58.56%
- 5Y*
- 45.30%
- 10Y*
- 25.93%
AM
- 1D
- -0.88%
- 1M
- 1.96%
- YTD
- 22.62%
- 6M
- 16.77%
- 1Y
- 19.29%
- 3Y*
- 32.87%
- 5Y*
- 24.10%
- 10Y*
- 7.20%
TRGP vs. AM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TRGP Targa Resources Corp. | 44.60% | 5.65% | 110.12% | 21.01% | 43.71% | 100.15% | -32.48% | 23.98% | -19.88% | -7.09% |
AM Antero Midstream Corporation | 22.62% | 24.37% | 28.46% | 25.73% | 21.98% | 39.55% | 27.59% | -60.29% | -22.28% | -2.32% |
Correlation
The correlation between TRGP and AM is 0.55, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.61 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.70 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Nov 6, 2014 | 0.57 |
The correlation between TRGP and AM shifts across timeframes, from 0.55 (1 year) to 0.70 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
TRGP:
$13.11
AM:
$0.85
TRGP:
20.14
AM:
24.99
TRGP:
0.22
AM:
4.31
TRGP:
2.61
AM:
8.12
TRGP:
$16.38B
AM:
$1.26B
TRGP:
$3.62B
AM:
$620.66M
TRGP:
$4.49B
AM:
$955.64M
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Return for Risk
TRGP vs. AM — Risk / Return Rank
TRGP
AM
TRGP vs. AM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Targa Resources Corp. (TRGP) and Antero Midstream Corporation (AM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| TRGP | AM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.34 | ||
| Sortino ratioReturn per unit of downside risk | +1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.17 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 3.80 | 1.53 | +2.27 |
| Martin ratioReturn relative to average drawdown | 12.41 | 3.18 | +9.23 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| TRGP | AM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.26 | 0.93 | +1.34 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 1.43 | 0.91 | +0.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.55 | 0.17 | +0.37 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.47 | 0.13 | +0.33 |
Drawdowns
TRGP vs. AM - Drawdown Comparison
The maximum TRGP drawdown since its inception was -95.21%, roughly equal to the maximum AM drawdown of -93.01%. Use the drawdown chart below to compare losses from any high point for TRGP and AM.
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Drawdown Indicators
| TRGP | AM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.21% | -93.01% | -2.20% |
Max Drawdown (1Y)Largest decline over 1 year | -16.30% | -12.67% | -3.63% |
Max Drawdown (3Y)Largest decline over 3 years | -31.61% | -13.98% | -17.63% |
Max Drawdown (5Y)Largest decline over 5 years | -31.61% | -21.91% | -9.70% |
Max Drawdown (10Y)Largest decline over 10 years | -90.78% | -93.01% | +2.23% |
Current DrawdownCurrent decline from peak | -4.56% | -8.68% | +4.12% |
Average DrawdownAverage peak-to-trough decline | -33.59% | -31.42% | -2.17% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.99% | 6.10% | -1.11% |
Volatility
TRGP vs. AM - Volatility Comparison
Targa Resources Corp. (TRGP) has a higher volatility of 8.08% compared to Antero Midstream Corporation (AM) at 5.87%. This indicates that TRGP's price experiences larger fluctuations and is considered to be riskier than AM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TRGP | AM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.08% | 5.87% | +2.21% |
Volatility (6M)Calculated over the trailing 6-month period | 18.47% | 14.39% | +4.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.43% | 20.88% | +6.55% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.96% | 26.55% | +5.41% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.67% | 42.01% | +5.66% |
Dividends
TRGP vs. AM - Dividend Comparison
TRGP's dividend yield for the trailing twelve months is around 1.61%, less than AM's 4.22% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AM Antero Midstream Corporation | 4.22% | 5.06% | 5.96% | 7.18% | 8.34% | 10.15% | 15.95% | 18.28% | 7.53% | 4.27% | 3.14% | 2.93% |
TRGP Targa Resources Corp. | 1.61% | 2.03% | 1.54% | 2.13% | 1.90% | 0.77% | 4.59% | 8.92% | 10.11% | 7.52% | 6.49% | 12.53% |
Financials
TRGP vs. AM - Financials Comparison
This section allows you to compare key financial metrics between Targa Resources Corp. and Antero Midstream Corporation. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
TRGP vs. AM - Profitability Comparison
TRGP - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Targa Resources Corp. reported a gross profit of 0.00 and revenue of 4.09B. Therefore, the gross margin over that period was 0.0%.
AM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Antero Midstream Corporation reported a gross profit of 0.00 and revenue of 314.21M. Therefore, the gross margin over that period was 0.0%.
TRGP - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Targa Resources Corp. reported an operating income of 846.90M and revenue of 4.09B, resulting in an operating margin of 20.7%.
AM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Antero Midstream Corporation reported an operating income of 188.61M and revenue of 314.21M, resulting in an operating margin of 60.0%.
TRGP - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Targa Resources Corp. reported a net income of 479.60M and revenue of 4.09B, resulting in a net margin of 11.7%.
AM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Antero Midstream Corporation reported a net income of 118.27M and revenue of 314.21M, resulting in a net margin of 37.6%.
Frequently Asked Questions
TRGP and AM have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TRGP has higher volatility (8.08%) compared to AM (5.87%). In terms of maximum drawdown, TRGP dropped -95.21% vs AM's -93.01%.
TRGP currently has the higher Sharpe Ratio (2.26 vs 0.93), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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